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ESI: In a Shock to No One PEAKS Is Finally Being Consolidated, Now ESI Attempts to Thread the Needle on Financial...

June 25th, 2014

In a surprise to no one at this point, ESI disclosed in an 8-K filing yesterday that the company’s Audit Committee in concert with the SEC Office of the Chief Accountant determined that the...

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ESI: What Is the Value of a Higher Education Company with Private Student Loan Default Rates in Excess of 75%?

May 22nd, 2014

Rather than give you our usual initial diatribe, we’re going to present you with some quotes from ESI management over the past few years...

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ESI: College Portfolio Buyer Agrees to Purchase a Real Estate Portfolio From ESI, Wait Who?

May 14th, 2014

After the close today, ESI announced that the company has reached an agreement with College Portfolio Buyer LLC for a sale leaseback transaction.  College Portfolio Buyer will purchase 24 ITT Tech locations for approximately...

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For-Profit EDU: Don’t Expect to See Any “Greenshoots” In the Space This Spring

April 23rd, 2014

Here we are on the eve of another earning season in the for-profit education space and it appears that all of the challenging trends the group faced for the Winter term still remained firmly entrenched during the Spring enrollment...

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ESI: Desperate Times Call for Desperate Measures… ESI Attempts to Access the Only Source of Incremental Capital It...

April 11th, 2014

For more than a year now, we have been arguing that ESI might need to raise capital to shore up its liquidity position in light of the company’s deteriorating operating fundamentals and...

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Current Ideas

EXPI

SELL/SHORT

$4

HUSQ.B

SELL

$50

UFPI

SELL/SHORT

$45

TREX

SHORT

$18

PRDO

SELL/SHORT

$5

STRA

SELL/SHORT

$42

CWH

LONG

$75

OSTK

LONG

$128

CM

SELL/SHORT

$50

RY

SELL/SHORT

$50

ARC

LONG

$5.50

AYI

SHORT

$50

BIG

SHORT

$28

WWE

LONG

$65

XOXO

LONG

$37

RLGY

PAIR TRADE

$10

RDFN

PAIR TRADE

$30

BCO

LONG

$35

ING.PA

SHORT

$35

TRUP

SELL/SHORT

$10

CTC

SHORT

$101

ATGE

SHORT

$15

HCG.TO

SHORT

$0

RON.TO

SHORT

$9

ESI

SHORT

$0

BGG

PAIR - LONG BGG/SHORT TTC

25%

TTC

PAIR - LONG BGG/SHORT TTC

25%

Z

SHORT

$14.00

NA.TO

SHORT

$22

ZU

SHORT

$15

TRLA

SHORT

$20

MCRS

SHORT

$31

APOL

SHORT

$35

OPEN

SHORT

$30

KNL

PAIR - LONG KNL/SHORT MLHR

25%

CSGP

SHORT

$100

GCA

LONG

$8

IPSU

LONG

$20

MLHR

SHORT

$22

LOOP

PAIR - LONG CSGP/SHORT LOOP

40%

THQI

LONG

$35

WPO

SHORT

$275

COCO

SHORT

$0

HNI

SIG

RGR